No homo in reality means no homosexuality, meaning you didn't intent the word to be taken in a homosexual way. No homo can also mean No! Homo! Which is when the meaning is taken homosexually by a gay man and attracts them, and No! Homo! is used to ward them off.

Man 1: Dude this basketball is so hard, these are the types of balls I like.
Man 2: Woah! No homo right?
Man 1: Yeah! No homo.

Example 2
Kid: I really like long italian sausages! No homo

Example 3
Kanye West: How you can go from bein' Joe Blow to everybody on yo' dick no homo.

Example 4
Eminem: All you lil' faggots can suck it, No homo, but I'ma stick it to 'em like refrigerator magnets!